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Extend the lease in a conversion flat

07-07-2006, 07:54 AM

Hi,
Am about to buy a flat with a 72 years lease. This is a conversion flat. I seems I can ask for a lease extension after 2 years but don't know if the other owner (1st floor) needs to ask for it as a common request. what's happened if the owner of the other flat is ok with the actual lease and doesn't want to ask for an extension ? The estate agency told me it's managed separetly... Is that right? I mean can I have a extension to a 99y leasehold and the other flat stays with the 70 years remaining in the same house (1 freeholder)? or do we both need to agree and ask for it?
Thanks for your help,
Remy

Comment

Tks for that Poppy, will have a look at the website. So.. as far as i understand I can ask to extend the lease without taking care of the other lessees whatever it is a share of leasehold...?
Regarding the vendor, I don't know why they don't extend the lease as the estate agency is really crap so not really helpful.
But, I know she can ask for a lease extension and then if am buying the property ask for the transfer of the notice, in that way i'll get the extension before the 2 years.

Comment

If you like the idea of the vendor organising the lease extension, you should contact them now before the sale completes. Try offering to pay a good proportion towards the cost.

Alternatively, have you directly asked the freeholder whether they intend to stick to the law and wait two years after your purchase before effecting an extension? You never know, they may waive the qualifying period.

Comment

Just called the agency and asked them to contact the vendor to see if she will agree to take the extension in the sale price.
Btw haven’t ask for the freeholder, will do it now. But as I said, I read that the actual owner can ask for the extension and if am buying the flat, ask for the transfer of the notice> it should work aswell.

Tks for all the advices anyway. It’s really helpful.

Comment

Under the L&T Act , any leaseholder after 2 years, can apply for an extension of 90 years at peppercorn ground rent to an existing lease . The information is available in a brochure called "Long Leaseholders" from the Office of the Deputy Prime Minister. You should ask the seller to apply for an extension before you complete the purchase.

What is the annual ground rent on the flat and who is the freeholder ? Seems odd that the other flat is mananged separately ? You should get the lease, read thru it and find out who collects the service charge and building insurance premium ( and see a copy of the summary of insured cover for current year ).

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